Private Credit Portfolio Analysis | Portman Ridge Finance Corp Reports Q1 2025 Results
- Editor
- May 8
- 2 min read
Whats New:
Portman Ridge Finance Corp reported its Q1 2025 financial results, showing a decrease in total assets and stockholders' equity compared to the previous quarter. The fund's total assets decreased to $438.78 million as of March 31, 2025, down from $453.63 million at the end of 2024. The net asset value per share also declined to $18.85 from $19.41 at the end of the previous quarter.
Portfolio Dynamics:
Total assets decreased to $438.78 million as of March 31, 2025, compared to $453.63 million at the end of 2024.
Investments owned at fair value increased slightly to $406.42 million from $405.02 million at the end of 2024.
Cash and cash equivalents decreased to $9.23 million from $17.53 million at the end of 2024.
Investment Activity:
Interest receivable decreased to $4.79 million from $6.09 million at the end of 2024.
Dividends receivable decreased to $1.25 million from $1.37 million at the end of 2024.
Other assets increased to $2.81 million from $1.21 million at the end of 2024.
Capital Structure:
Notes payable increased slightly to $107.17 million from $106.98 million at the end of 2024.
Line of credit decreased to $146.18 million from $158.16 million at the end of 2024.
Stockholders' equity decreased to $173.51 million from $178.49 million at the end of 2024.
Performance Profile:
Net asset value per share decreased to $18.85 as of March 31, 2025, compared to $19.41 at the end of 2024.
Retained earnings deficit increased to $540.98 million from $535.93 million at the end of 2024.
The fund reported a net loss of $82,000 for Q1 2025, compared to a net income of $4.49 million in Q1 2024.
Risk & Quality:
Unrealized loss on investments was $3.90 million in Q1 2025, compared to a gain of $71,000 in Q1 2024.
Management and incentive fee payable decreased to $2.39 million from $2.71 million at the end of 2024.
Accounts payable and other accrued liabilities increased to $4.90 million from $3.01 million at the end of 2024.
The Wrap:
Portman Ridge Finance Corp experienced a challenging Q1 2025, with decreases in total assets, stockholders' equity, and net asset value per share. The fund saw a slight increase in investments at fair value but faced declines in cash and cash equivalents. The reduction in line of credit and increase in notes payable suggest a shift in the fund's debt structure. The reported net loss and increased unrealized loss on investments indicate a more difficult operating environment compared to the same period in the previous year.
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